Denemek ALTIN - Özgür
How CPF Life Can Enable Retirees Above 65 To Have New Credit Cards
The Straits Times
|June 01, 2025
Payouts are among income streams banks consider when assessing a retiree's eligibility

If you have been topping up your CPF Retirement Account to plan for higher payouts from age 65, here's another piece of good news—the lifelong monthly income from CPF Life will give your creditworthiness a boost should you need to apply for a new credit card or loan.
Monetary Authority of Singapore (MAS) rules state that people who are over 55 and retired must show they have an annual income of at least $15,000 if applying for an unsecured loan facility such as credit cards.
While the MAS does not prescribe what income banks must consider when assessing a retiree's eligibility, it says that regular payout streams such as rent, interest, dividends, or annuity payments from CPF Life or similar products can be considered in such assessments.
But you must prove that you are earning this income to pass the test.
In an odd twist, it means that older retirees will be more creditworthy than younger seniors as the CPF Life monthly payouts start only after a person hits 65.
But once the monthly deposits appear in their bank accounts, those whose payouts meet the MAS threshold will have little difficulty in proving this income as the payments are stable and guaranteed by the Singapore Government.
Take, for example, retirees hitting the age of 65 in 2025. They will receive monthly payouts of up to $1,300, or $15,600 a year if they had set aside at least $161,000 as their full retirement sum a decade ago.
Those who had topped up the enhanced retirement sum to $241,500 then would pass the MAS threshold comfortably as they will get $1,700 a month, or about $20,000 a year.
Indeed, if you are hitting 55 in 2025, you can give your annual retirement income from age 65 a big jump if you plan for the current CPF Enhanced Retirement Sum of $426,000. Doing so will enable you to receive $3,300 a month, or $39,600 a year—more than twice the MAS threshold.
Bu hikaye The Straits Times dergisinin June 01, 2025 baskısından alınmıştır.
Binlerce özenle seçilmiş premium hikayeye ve 9.000'den fazla dergi ve gazeteye erişmek için Magzter GOLD'a abone olun.
Zaten abone misiniz? Oturum aç
The Straits Times'den DAHA FAZLA HİKAYE

The Straits Times
LOVE IS IN THE HAIR
Hair and heart come together as the Breast Cancer Foundation's wig loan programme, launched in 2005, helps people regain their identity and a sense of normalcy — one strand of hair at a time.
3 mins
October 22, 2025
The Straits Times
Govt to share classified threat intelligence with critical sectors: Shanmugam
Infrastructure owners will also get help to hunt down threat actors, stress test systems
4 mins
October 22, 2025
The Straits Times
CCE Students learn importance of racial and religious harmony in schools
We agree with Professor Leslie Chew that it is important to nurture students' understanding of and appreciation for social cohesion in Singapore (“Recent incidents at mosques a reminder of how precious racial and religious harmony is”, Oct 14).
1 mins
October 22, 2025
The Straits Times
S'pore will continue to deepen strong ties with Japan under new premier: PM Wong
Singapore will continue to work closely with Japan to deepen its cooperation with Asean to foster regional peace and prosperity, said Prime Minister Lawrence Wong in a letter to new Japanese Premier Sanae Takaichi.
1 mins
October 22, 2025
The Straits Times
Trump threatens Hamas amid push to advance Gaza ceasefire
US President Donald Trump threatened Hamas on Oct 21 with “FAST, FURIOUS & BRUTAL?” force if it does not “do what is right”, as he pushes for the more complex stage of a Gaza ceasefire that has already been repeatedly tested.
3 mins
October 22, 2025
The Straits Times
TV hosts Hank Chen, Lulu Huang marry
About a month after announcing their engagement, Taiwanese TV hosts Hank Chen and Lulu Huang have become husband and wife.
1 mins
October 22, 2025
The Straits Times
Soup kitchen in Geylang Serai could help meet needs of elderly, low-income
I refer to the two articles, “Malnutrition rates rising among older Singaporeans” (Oct 19) and “‘You are not forgotten’: Soup kitchen in Little India celebrates Deepavali with migrant workers” (Oct 20).
1 min
October 22, 2025

The Straits Times
CAN THE LAKERS' STAR DUO DELIVER?
In this series, The Straits Times takes a deep dive into the hottest sports topic or debate of the hour. From Lamine Yamal's status as the next big thing to pickleball's growth, we'll ask The Big Question to set you thinking, and talking.
6 mins
October 22, 2025
The Straits Times
Osteoporosis not just a woman's problem
Few men are aware of the risk, and fewer still are screened and treated
4 mins
October 22, 2025

The Straits Times
Sanae Takaichi makes history as Japan's first woman prime minister
In a landmark moment for Japan, Ms Sanae Takaichi has risen to the nation’s highest political office and become its first woman prime minister after a parliamentary vote on Oct 21.
4 mins
October 22, 2025
Listen
Translate
Change font size